Bitcoin rises back above $19,000 to start the week

Bitcoin started the week trading above $19,000 as bulls made a slow comeback on the token after recent selling. Ethereum also recovered on Monday, after a brief spell below $1,300. Overall, the global crypto market is down 1.19 percent.

Bitcoin

Bitcoin was trading slightly higher on Monday, as bulls begin to return to the crypto-currency markets after the recent sell-off. After a low of $19,118.19 on Sunday, BTC hit an intraday high of $19,491.33 earlier in the day.

Monday’s move saw the world’s largest crypto-currency climb toward a key price ceiling of $19,500.

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Technical analysis of bitcoin and ethereum: BTC breaks back above $19,000 to start the week

Looking at the chart, the price bounce comes as the 14-day relative strength index (RSI) recently broke its resistance at 48.00. The index sits at 49.42, with the next point of resistance visible near the 56.00 level.

If price strength continues to move closer to this point, we will likely see prices approach the 20.00 mark.

Ethereum

Ethereum also advanced earlier this week, with the token climbing for the second consecutive session. After a brief break below its $1,275 low on Saturday, ethereum has made a series of consecutive gains.

Today’s rise saw the token hit a high of $1,322.33, a day after hovering around the $1,281.29 mark.

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Technical analysis of bitcoin and ethereum: BTC rises back above $19,000 to start the week

Despite today’s gains, ETH’s momentum continues to be bearish, with both the 10-day (red) and 25-day (blue) moving averages pointing down. Bulls will likely be hesitant to enter at this point, as we approach a ceiling of $1,330, with the RSI also near a hurdle.

The index is at 45.87, which is slightly below the 46.00 ceiling.

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